Financial planning is as important for women as it is for men because everybody needs money, everybody falls into a financial crisis and everybody retires. We all know how important it is to start early.It is more important if you are a woman who has dependents or who has certain responsibilities. Let’s talk about LIC plan for women.
But what are the right modes of investment? Are there any investment options available that are tailor-made for women?
Well, the good news is Yes, there are. LIC India, the trusted life insurance brand has specific insurance policies for women or we can say the best LIC plans for women in India. The policies are designed in such a way that even if a woman is not market savvy, she need not worry. LIC is a Government-owned enterprise.
Hence, with regards to the security of investment, there is absolutely nothing to be worried about.
Best LIC Plans for Women, that has to Offer
We will take you through the best plans that LIC has to offer for women in India.
LIC New Jeevan Anand Plan, LIC Plans for Women
Jeevan Anand is undoubtedly one of the best plans LIC has ever launched and this is a modification of the traditional Jeevan series made specifically for women. The Jeevan series effectively combines protection with savings making it a well thought after the plan.
New Jeevan Anand Plan is a participating non-unit-linked product that combines the attractiveness of protection and savings. It provides a good sum of financial protection against death as well as has the option for lump-sum payment at maturity.
Hence, it is both an insurance and an investment option. The returns are good, in fact, one of the best of all insurance policies.
There’s something really great about this policy. The insurance coverage continues even after maturity. So, while at maturity, the policyholder gets the lump sum benefit, the insurance coverage continues provided the premiums are paid. You can use the LIC Jeevan Anand maturity calculator to get an idea about the maturity amount.
You can add riders as per your choice to the policy. The riders include accidental death and disability benefit. In this case, the sum assured of accidental benefit is also paid along with the death benefit in a lump sum.
To Sum up this Plan in short.
- It is a participating endowment plan
- It participates in profits by earning bonuses
- It provides a lump sum death benefit
- The plan continues even after maturity
LIC e-Term Plan, LIC Plans for Women
The world is moving online, and so is LIC. Why waste your time with agents when you can transact yourself online? You can buy this policy and be assured. The convenience of purchasing the policy is the main reason why this policy is so popular among investors.
LIC eTerm Plan is a term plan which provides financial protection for your family when you are absent. If you have dependents to take care of, this is the policy to invest in. If you are a non-smoker, there’s good news for you.
You can get almost double the sum assured. However, keep one thing in mind, since this is a term plan, there is no maturity benefit of this plan.
The premium mode of this policy is annual and the amount of premium is actually very very low. This is a vanilla term plan without any surrender benefit, maturity benefit, or loan facility. If you are looking at securing your family at a reasonable rate, you cannot go wrong with this.
Features of this Policy:
- Can be easily purchased online
- Affordable premium rates
- Special premium rates for non-smokers
- Policy revival period of 2 years in case of missed premium payments
- Grace period of 30 days for premium payment
- Option to add parents and children as dependents
LIC Jeevan Lakshya Plan
LIC Jeevan Lakshya Plan is for working women. It is a non-unit linked plan which offers both protection and savings. This is a conventional plan with a restricted premium payment option. It provides annual income and comes in very handy for the family when the policyholder expires.
So what are the benefits of the LIC Jeevan Lakshya Plan? Well, over and above death benefits, it provides a lump sum during maturity as a survival benefit. The premium term of the policy is less by 3 years than the policy term. The premium can be paid annually, semi-annually, quarterly or monthly. The premium can be paid via ECS.
Moreover, you also have the option to add additional riders to the policy. The optional riders available are LIC’s Accidental Death & Disability Benefit and New Term Assurance Rider.
Benefits of LIC Jeevan Lakshya Plan
- The policy provides maturity benefits at the end of the policy term
- The policy has death benefits
- In case of the death of a policyholder, annual income payments are made to the policy holder’s family
- This is a participating policy earning benefits through bonuses
Jeevan Pragati Plan
Jeevan Pragati Plan is a non-linked profit plan with the option of protection and savings. The best thing about this policy is that the risk coverage increases after every 5 years. There’s more! You can avail loan on this policy as well.
You have the option to pay the premium annually, half-yearly, quarterly, or monthly. The death benefit lapses if the premium is not paid on time. Upon survival of the policyholder, maturity benefit along with final bonuses are paid to the policyholder. The maturity benefit includes a basic sum assured with vested simple reversionary bonuses.
The policy participates in the profit as a bonus. The bonus is paid upon claim raised due to death or maturity.
Benefits of Jeevan Pragati policy:
- A basic sum assured which is fixed
- Death benefit which is the higher of either 10 times of annualized premium or the absolute sum assured amount
- The sum assured and the bonus is paid upon maturity
- The death benefits are tax-free
- Option to add Accidental Death and Disability Benefit Rider
These are the best insurance policies that LIC has on offer for women at the moment. While investing, it is very important to know what is the right place to invest in. It is important that you know the insurance policy inside out before you make an investment. There are many options available to you, as a woman, to invest. Chose the one which suits your need and then makes an informed decision.